BACK TO SCHOOL COSTS 2016
Credit Unions say “Avoid Moneylenders, Shop Around, Plan a Budget”.
Research undertaken in June 2016 by the Irish League of Credit Union indicated that back to school costs negatively impact 26% of household bill payments with 13% of parents saying they will have to sacrifice spending on food to cover these costs.
School associated costs have increased year on year from 2012 with overall spend for primary children on average is €967 per year per child and secondary €1,474.
On average primary school parents are spending €145 on uniforms per child, secondary school parents spending €234 per child.
31% of parents find themselves in debt covering back to school costs, borrowing an average of €357.
In 2016 - 60% of parents will shop online for back to school items, up significantly from 47% in 2015.
79% parents expected to make ‘voluntary contribution to school averaging €118 per child, up from €112 in 2015.
37% of parents feel under pressure to buy branded school supplies, down from 42% in 2015, pressure more evident in secondary school parents.
Only 14% % of parents eligible for back-to-school allowance believe the back to school allowance is sufficient to cover school costs.
Speaking about the research, Helen Courtney Power, Business Development Officer with Killarney Credit Union said “we are very aware of the increased costs that families are facing when returning children to school after the holidays, we recommend that you plan early by making out a budget, shopping for deals in local retailers and avoid door step credit at all costs. We offer personal micro credit loans for smaller amounts which can be repaid through the household budget scheme or you can also look at our standard education loans for members” she concluded.
